Writing a brief issues memo, inventory You are a plant accountant for Kelly Corp. you have...

Writing a brief issues memo, inventory

You are a plant accountant for Kelly Corp. you have been asked to draft a brief (1-to 1.5 page ) documenting the accounting for the following issue.

Kelly Corp has leased a mine from which it recently extracted 1,000 kilograms of bauxite (a mineral that can be used to make aluminum). Kelly Corp plans to sell the bauxite to aluminum manufacturers. Kelly Corp is analyzing whether its bauxite inventory can be carried at its selling price per ASC 330-10-35-16(b). Assume that quoted market price is generally available for bauxite, and that the market for bauxite, and that the market for bauxite is active.

Analyze whether all necessary conditions are met for the accounting treatment proposed. Assume for this issue that your have solely been asked to document whether the conditions in ASC 330-10-35-16(b) are met.

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